Bank of America Corporation $BAC Shares Bought by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management sharply increased its Bank of America stake by 369.7% in the fourth quarter, buying nearly 2 million additional shares. The fund now holds 2.52 million shares valued at about $138.4 million.
• Bank of America’s latest earnings topped expectations, with quarterly EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year. Analysts are still broadly positive, with a consensus rating of Moderate Buy and an average target price around $61.06.
• The company also announced a quarterly dividend of $0.28 per share, payable June 26, implying an annualized yield of 2.2%. Meanwhile, the stock was modestly lower on the day, and insider selling remained notable over the past few months.

Jupiter Asset Management Ltd. raised its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 369.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,515,565 shares of the financial services provider's stock after buying an additional 1,980,024 shares during the quarter. Bank of America comprises about 1.1% of Jupiter Asset Management Ltd.'s portfolio, making the stock its 15th biggest holding. Jupiter Asset Management Ltd.'s holdings in Bank of America were worth $138,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Wiser Advisor Group LLC acquired a new position in Bank of America in the third quarter valued at about $27,000. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Collier Financial acquired a new stake in shares of Bank of America during the third quarter worth about $30,000. Joseph Group Capital Management acquired a new stake in shares of Bank of America during the fourth quarter worth about $32,000. Finally, HFM Investment Advisors LLC lifted its position in shares of Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.5%

Shares of NYSE:BAC opened at $50.85 on Friday. The firm's 50 day moving average price is $51.01 and its 200 day moving average price is $52.32. The stock has a market cap of $360.87 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a fifty-two week low of $43.36 and a fifty-two week high of $57.55. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share. As a group, equities research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Autonomous Res reduced their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Robert W. Baird increased their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Daiwa Securities Group increased their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. UBS Group increased their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Finally, Oppenheimer increased their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $61.06.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Insider Activity at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company's stock.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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